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Total stocks of hot-rolled coil (HRC) held by the 37 flat steelmakers across China which Mysteel surveys regularly climbed to 1.8 million tonnes over February 7-13, the highest level since May 2015 when Mysteel first introduced the mills’ stock survey. Respondents blamed the sustained bleak demand for hot coils and transport delays.
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Chinese steel exporters continue to slash offer prices aiming to boost overseas sales to offset the impact that the Novel Coronavirus Pneumonia (NCP) outbreak is having on their domestic sales, market sources indicated on Monday.
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Rebar output from China’s 137 sampled steelmakers including integrated and mini mills slid to a nearly three-year new low of 2.6 million tonnes during February 6-12 under the pressure of mounting stocks and the remaining quietness in the domestic steel market, Mysteel’s latest weekly survey showed.
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The most traded rebar contract for May delivery on the Shanghai Futures Exchange closed the daytime session at Yuan 3,398/tonne ($487/t) on February 14, some Yuan 89/t higher than the settlement price the previous Friday and reversing the price trend in the physical market, Mysteel Global has learned.
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China’s stocks of five major finished steel products comprising rebar, wire rod, hot rolled coil, cold rolled coil and medium plate hit 18.9 million tonnes by February 13, or a new high since March 14 2018, amid the remaining tepid downstream demand and transportation bottleneck because of the fierce battle against the Novel Coronavirus Pneumonia (NCP) across the country, Mysteel’s latest weekly study showed.
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China’s rebar output from 137 producers including integrated mills and re-rollers under Mysteel’s weekly monitoring shrank further over January 30-February 5 to its new low of 2.8 million tonnes since March 2-8 2017, or down 6.3% on week, according to Mysteel’s first weekly survey after the Chinese New Year and the outbreak of the Novel Coronavirus Pneumonia (NCP).
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China’s rebar stocks at 35 cities under Mysteel’s regular survey piled up 756,500 tonnes or 9.8% in four days or almost doubled on month to 8.5 million tonnes as of February 6 as market has been quiet amid the Chinese New Year (CNY) celebration and the impact of the sudden outbreak of the Novel Coronavirus (2019-nCoV) since late January, according to Mysteel’s latest stocks release on February 6.
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Mysteel’s latest survey among China’s 137 steel producers including integrated and mini mills showed that their rebar output declined further to 2.82 million tonnes over January 30-February 5, the steepest decline among the five major steel products.
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China’s steel stocks at both the traders’ and steel mills under Mysteel’s weekly survey mounted further in the last week before the Chinese New Year holiday over January 24-30, as downstream consumption and steel trading have gradually come to a standstill with most leaving for home for the holiday, though steel production has been operating as per normal.
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Chinese steel exporters are closing their businesses before the Chinese New Year (CNY) holiday over January 24-30 and are firmly defending their steel export prices, market sources said on Wednesday, stressing that sellers are not willing to compromise on profits.
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The hot-rolled coil output among the 37 flat steelmakers across China under Mysteel’s weekly survey reversed up 4.2% on week to 3.36 million tonnes over January 9-15, and their rolling capacity utilization rate also rose by 3.45 percentage points on week to 85.96% on average despite the demand has become static.
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China’s rebar output from the 137 steel producers including integrated and mini mills under Mysteel’s weekly survey slipped continuously to a 11-month low of 3.13 million tonnes over January 9-15, down at a faster pace of 7% on week than the 4.3% week-on-week decline for the prior week, following the shrinking in the demand.
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Total inventories of the five major finished-steel products across China held by domestic steel mills and among traders continued to mount last week as the country’s steel market quietened further ahead of the upcoming week-long Chinese New Year holiday over January 24-30, Mysteel Global notes.
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China’s rebar output from the 137 steel mills Mysteel samples regularly declined by 4.3% week-on-week to 3.36 million tonnes over January 2-8, mainly due to the production stoppages being observed by mini mills and re-rollers, according to Mysteel’s latest weekly production report.
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China’s domestic demand for hot-rolled coil (HRC) showed signs of weakness with the national price the Q235 3mm HRC declined further by Yuan 14/tonne ($2/t) on week to Yuan 3,908/t including the 13% VAT as of January 10, as some end-users have already halted operations to have a longer break for the Chinese New Year holiday, Mysteel Global learned from the market.
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Total inventories of the five major finished-steel products held by traders in 35 major cities across China which Mysteel monitors swelled by a further 9.3% on week over January 3-9, with the pace of growth even higher than the 7% on-week rise witnessed during the prior survey week, according to Mysteel’s latest weekly stocks study.
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The closing price of the most-traded rebar contract on the Shanghai Futures Exchange for May delivery reached Yuan 3,571/tonne ($510/t) as of Friday, down Yuan 16/t from Thursday’s settlement price but up by Yuan 28/t on week.
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China’s flat steel exports stayed thin over December 28-January 2, though Chinese steel mills still decided to raise their offer prices by $8-13/tonne, market sources shared on Monday.
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The national average price for Q235 3mm hot-rolled coil (HRC) remained generally stable over the December 27-January 2 week, losing a tiny Yuan 4/tonne ($0.6/t) on week to reach Yuan 3,922/t including the 13% VAT as of January 3. However, market monitors see actual demand weakening in the near future, Mysteel Global has learned.
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Rebar output among the 137 domestic steelmakers Mysteel monitors regularly recovered by 0.8% on week to 3.5 million tonnes over December 26-January 1, according to Mysteel’s latest weekly production report. The tiny increase resulted from those mills previously under short-term maintenance resuming operations.
